DFCEX vs. VTAPX

Last updated Jun 4, 2026

DFCEX (DFA Emerging Markets Core Equity Fund) and VTAPX (Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares) are both mutual funds - DFCEX is a Emerging Markets Diversified fund managed by Dimensional, while VTAPX is a Inflation-Protected Bonds fund managed by Vanguard. Over the past 10 years, DFCEX returned 11.09%/yr vs 3.13%/yr for VTAPX. At a 0.10 correlation, their price movements are largely independent. DFCEX charges 0.40%/yr vs 0.06%/yr for VTAPX.

Performance

DFCEX vs. VTAPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA Emerging Markets Core Equity Fund (DFCEX) and Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares (VTAPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFCEX achieves a 25.19% return, which is significantly higher than VTAPX's 2.05% return. Over the past 10 years, DFCEX has outperformed VTAPX with an annualized return of 11.09%, while VTAPX has yielded a comparatively lower 3.13% annualized return.

DFCEX

• 1D: 0.78%
• 1M: 7.67%
• YTD: 25.19%
• 6M: 27.73%
• 1Y: 49.33%
• 3Y*: 23.14%
• 5Y*: 9.53%
• 10Y*: 11.09%

VTAPX

• 1D: 0.00%
• 1M: 0.04%
• YTD: 2.05%
• 6M: 2.04%
• 1Y: 4.69%
• 3Y*: 5.23%
• 5Y*: 3.38%
• 10Y*: 3.13%

*Multi-year figures are annualized to reflect compound growth (CAGR)

DFCEX vs. VTAPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFCEX DFA Emerging Markets Core Equity Fund	25.19%	28.79%	7.31%	15.45%	-16.44%	5.82%	13.86%	16.03%	-15.25%	36.55%
VTAPX Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares	2.05%	6.03%	4.73%	4.59%	-2.84%	5.26%	4.97%	4.85%	0.53%	0.82%

Correlation

The correlation between DFCEX and VTAPX is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (10Y) Calculated over the trailing 10-year period	0.10
Correlation (All Time) Calculated using the full available price history since Jan 3, 2013	0.10

The correlation between DFCEX and VTAPX shifts across timeframes, from -0.02 (1 year) to 0.10 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

DFCEX vs. VTAPX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DFCEX

DFCEX Risk / Return Rank: 89
DFCEX Sharpe Ratio Rank: 95
DFCEX Sortino Ratio Rank: 89
DFCEX Omega Ratio Rank: 89
DFCEX Calmar Ratio Rank: 86
DFCEX Martin Ratio Rank: 86

VTAPX

VTAPX Risk / Return Rank: 94
VTAPX Sharpe Ratio Rank: 91
VTAPX Sortino Ratio Rank: 95
VTAPX Omega Ratio Rank: 90
VTAPX Calmar Ratio Rank: 96
VTAPX Martin Ratio Rank: 97

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DFCEX vs. VTAPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Emerging Markets Core Equity Fund (DFCEX) and Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares (VTAPX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	DFCEX	VTAPX	Difference
Sharpe ratio: Return per unit of total volatility	3.32	3.03	+0.29
Sortino ratio: Return per unit of downside risk	4.31	5.02	-0.71
Omega ratio: Gain probability vs. loss probability	1.62	1.65	-0.02
Calmar ratio: Return relative to maximum drawdown	4.15	6.45	-2.29
Martin ratio: Return relative to average drawdown	16.47	25.59	-9.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFCEX vs. VTAPX - Sharpe Ratio Comparison

The current DFCEX Sharpe Ratio is 3.32, which is comparable to the VTAPX Sharpe Ratio of 3.03. The chart below compares the historical Sharpe Ratios of DFCEX and VTAPX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DFCEX	VTAPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.32	3.03	+0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	1.27	-0.62
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	1.41	-0.71
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	1.07	-0.63

Drawdowns

DFCEX vs. VTAPX - Drawdown Comparison

The maximum DFCEX drawdown since its inception was -64.58%, which is greater than VTAPX's maximum drawdown of -5.33%. Use the drawdown chart below to compare losses from any high point for DFCEX and VTAPX.

Drawdown Indicators

	DFCEX	VTAPX	Difference
Max Drawdown Largest peak-to-trough decline	-64.58%	-5.33%	-59.25%
Max Drawdown (1Y) Largest decline over 1 year	-12.12%	-0.72%	-11.40%
Max Drawdown (3Y) Largest decline over 3 years	-16.74%	-0.92%	-15.82%
Max Drawdown (5Y) Largest decline over 5 years	-30.05%	-5.33%	-24.72%
Max Drawdown (10Y) Largest decline over 10 years	-42.33%	-5.33%	-37.00%
Current Drawdown Current decline from peak	0.00%	-0.04%	+0.04%
Average Drawdown Average peak-to-trough decline	-12.61%	-1.03%	-11.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.04%	0.18%	+2.86%

Volatility

DFCEX vs. VTAPX - Volatility Comparison

DFA Emerging Markets Core Equity Fund (DFCEX) has a higher volatility of 6.43% compared to Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares (VTAPX) at 0.57%. This indicates that DFCEX's price experiences larger fluctuations and is considered to be riskier than VTAPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFCEX	VTAPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.43%	0.57%	+5.86%
Volatility (6M) Calculated over the trailing 6-month period	13.07%	1.11%	+11.96%
Volatility (1Y) Calculated over the trailing 1-year period	15.15%	1.52%	+13.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.70%	2.67%	+12.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.93%	2.23%	+13.70%

DFCEX vs. VTAPX - Expense Ratio Comparison

DFCEX has a 0.40% expense ratio, which is higher than VTAPX's 0.06% expense ratio.

Dividends

DFCEX vs. VTAPX - Dividend Comparison

DFCEX's dividend yield for the trailing twelve months is around 2.35%, less than VTAPX's 3.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFCEX DFA Emerging Markets Core Equity Fund	2.35%	2.90%	3.43%	3.53%	3.78%	2.59%	1.70%	2.42%	2.33%	1.92%	1.99%	2.28%
VTAPX Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares	3.55%	3.78%	2.68%	2.84%	6.82%	4.67%	1.19%	1.94%	2.45%	1.52%	0.76%	0.00%

Frequently Asked Questions

Can I hold both DFCEX and VTAPX in my portfolio?

DFCEX and VTAPX have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFCEX or VTAPX?

DFCEX has higher volatility (6.43%) compared to VTAPX (0.57%). In terms of maximum drawdown, DFCEX dropped -64.58% vs VTAPX's -5.33%.

Which has better risk-adjusted returns?

DFCEX currently has the higher Sharpe Ratio (3.32 vs 3.03), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.